Original author: Deebs DeFi
Original translation: TechFlow
This is Dave Portnoy.
The millionaire business tycoon once pushed a meme coin to a market value of $150 million in just 3 hours.
But who is @stoolpresidente ? Is he a hero or a fraud?
Here is his full story.
Dave Portnoy, nicknamed El Presidente, is an American entrepreneur best known for founding Barstool Sports.
Barstool Sports started out as a small sports newspaper he distributed in subways but grew into a multimillion-dollar empire.
Barstool isnt Daves only claim to fame, though.
Dave is also a well-known influencer.
He has attracted attention in the United States for his sharp pizza reviews and crazy sports betting.
So it’s no surprise that Dave has jumped into another exciting field: cryptocurrency, which is known as the “world’s most exciting casino.”
When Dave’s cryptocurrency journey began, he revealed that he might launch a token.
However, he said he still needs to learn more.
He wants to ensure that any token he launches is safe and fair.
However, what happened next was beyond everyones expectations...
Dave started buying random tokens on Solana and sharing these actions on Twitter.
He quickly discovered the money-making potential of cryptocurrencies — in just a few minutes, he turned $10,000 into $75,000.
He also told everyone frankly that he would sell the tokens.
But this behavior has aroused dissatisfaction in the encryption community.
Many people directly called Dave a liar, including @coffeebreak_YT .
It seems like the entire crypto community is out to denounce Dave.
But Dave decided to surprise again.
On February 8 at 20:41 (UTC), Dave bought $200 worth of a new token called #JAILSTOOL.
Like the tokens he bought before, this is not a token he issued himself.
Therefore, no one paid attention to it at first.
However, Dave started tweeting again.
He found the token interesting and told investors he would not be selling it anytime soon.
As a result, prices have skyrocketed.
Not everyone believes Dave, though. The creator and largest holder of #JAILSTOOL is skeptical.
A few hours after Dave’s tweet, the creator of #JAILSTOOL sold 20 million tokens, cashing out $50,000.
(It also cost him more than $2 million in potential earnings.)
However, Dave did not choose to sell his holdings, but instead bought more tokens worth $200,000.
You can imagine what happened next.
The price of #JAILSTOOL has seen a crazy surge.
In just 3 hours, JAILSTOOLs market value soared to $150 million.
Today, its market cap has surpassed $200 million, and its momentum shows no signs of abating.
But the question is: what happens next? Is this token safe and reliable? Does it have more room to rise?
Regarding security: Judging from the current supply situation, the distribution of JAILSTOOL is relatively healthy.
There are a large number of people holding the currency, and there are no obvious signs of insider trading.
However, I need to remind everyone that there is one holder who controls nearly 8% of the total supply.
This wallet and Dave himself may sell at any time.
But do I think Dave will sell immediately?
Not likely in the short term. (Not financial advice)
Why? Because Dave has tied his cryptocurrency reputation to this token. He definitely wants to see how high this coin can go.
You can check out his tweets.
If you follow Daves pizza reviews, youll know hes an extremely proud man.
In my opinion, the pride and sense of accomplishment of being able to control a top meme coin is far more important to him than millions of dollars.
So, what is the upside potential of this Token?
I want to be clear: this is entirely Daves decision.
Although he did not initially intend to make this token his “official currency”, there are many reasons why he might change his mind:
The legal risk is very small. (After all, he is not the creator of this token)
He has some control over the supply.
His fans have made a lot of money from it.
If he sells now, it will only damage his growing reputation in the crypto community.
If Dave eventually accepts this token as his official currency, it is not impossible for the market value to reach $1 billion.
We have seen similar success stories with celebrity meme coins before. (Not financial advice)
